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Previous: GOLDEN BEVERAGE COMPANY, DEF 14C, 1997-06-20 |
Next: CONSOLIDATED NEVADA GOLDFIELDS CORP, 20-F/A, 1997-06-20 |
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K/A
CURRENT REPORT
Pursuant to Section 13 or 15 (d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) June 20, 1997 (April 7, 1997)
WORLDWATER CORP. f/k/a GOLDEN BEVERAGE COMPANY
(Exact name of Registrant as specified in charter)
Nevada 0-16936 33-0123045
(State or other jurisdic- (Commission (IRS Employer
tion of incorporation) File Number) Identification No.)
117 Hopewell-Rocky Hill Road, Hopewell, New Jersey 08525
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (609) 466-3697
________________________________________________________________________________
(Former Address) (Zip Code)
<PAGE>
Items 1 and 2. Changes in Control of Registrant / Acquisition or Disposition of
Asset
On April 7, 1997, Golden Beverage Company ("Registrant") consummated a
reverse acquisition of WorldWater, Inc., a Delaware corporation ("WWI"),
pursuant to an Acquisition Agreement ("Agreement") by and among the Registrant,
the principal shareholders and executive officers of the Registrant
("Management"), WWI, and certain shareholders of WWI ("Sellers"), whereby the
Registrant acquired 80% of the issued and outstanding capital stock of WWI in
exchange for 8,141,126 post 1:1,240.597 reverse split shares (approximately
87.8% of the outstanding post-reverse shares of the Registrant) of the
Registrant's common stock. Pursuant to the Agreement, Management resigned upon
the consummation of the acquisition and was replaced by WWI management.
Item 5. Other Events
The Registrant has been advised by the Philippines government's National
Irrigation Administration that it will provide a Letter of Credit later in
April, 1997 in connection with the imminent shipment to the Philippines of
twenty five of the Registrant's proprietary solar powered water pumps. Such
shipment is expected to commence by April 30, 1997.
Item 7. Exhibits
a) Attached hereto are the required financial statements for the acquisition
described in Items 1 and 2 of this Current Report on Form 8-K.
b) Annexed hereto are the Registrant's Pro-Forma condensed balance sheet and
statement of operations and explanatory notes, giving effect to the combined
accounts of the Company and Wuhan as required by the instructions to Form 8-K.
2
<PAGE>
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
June 20, 1997
GOLDEN BEVERAGE COMPANY
(Registrant)
By:/s/ Quentin T. Kelly
-------------------------------------
Quentin T. Kelly, President
3
WORLDWATER, INC.
BALANCE SHEETS
December 31, 1996 and 1995
(Audited)
December 31,
ASSETS 1996 1995
----------- -----------
Current assets:
Cash $ 12,818 $ 5,096
Inventory 102,998 --
Accounts receivable 470 8,780
----------- -----------
Total current assets 116,286 13,876
Property and Equipment, Net 44,503 36,371
Deposits 384 1,584
----------- -----------
TOTAL ASSETS $ 161,173 $ 51,831
=========== ===========
LIABILITIES AND STOCKHOLDERS' DEFICIENCY
Current Liabilities:
Accounts payable and accrued expenses $ 377,974 $ 241,192
Accrued interest 473,378 271,923
Accrued salaries 145,250 89,750
Notes payable 140,984 143,667
Current maturities of long-term debt -
convertible notes 1,752,000 986,000
----------- -----------
Total Current Liabilities 2,889,586 1,732,532
Long-Term Debt - Convertible Notes,
Net of Current Maturities 550,000 850,000
----------- -----------
TOTAL LIABILITIES 3,439,586 2,582,532
Stockholders' Deficiency:
Common stock, $.001 par value; authorized
20,000,000 shares at December 31, 1996, 9,570 7,946
and 10,000,000 shares at December 31, 1995; issued
and outstanding 9,569,908 shares at December 31,
1996, and 7,945,908 shares at December 31, 1995
Additional paid-in capital 1,996,929 1,498,553
Accumulated deficit (5,284,912) (4,037,200)
----------- -----------
Total Stockholders' Deficiency (3,278,413) (2,530,701)
----------- -----------
TOTAL LIABILITIES AND
STOCKHOLDERS'DEFICIENCY $ 161,173 $ 51,831
=========== ===========
2
<PAGE>
WORLDWATER, INC.
STATEMENTS OF OPERATIONS
for the years ended December 31, 1996 and 1995
(Audited)
December 31,
1996 1995
----------- -----------
Sales $ 13,988 $ 6,780
Cost of Goods Sold 4,346 9,951
----------- -----------
Gross Profit (Loss) 9,642 (3,171)
Research and Development Expenses 681,974 579,446
Marketing, General and
Administrative Expenses 371,911 341,953
----------- -----------
Loss from Operations (1,044,243) (924,570)
Other Expense:
Interest expense 203,469 164,727
----------- -----------
Net Loss (1,247,712) (1,089,297)
Accumulated Deficit at Beginning of Year (4,037,200) (2,947,903)
----------- -----------
Accumulated Deficit at End of Year $(5,284,912) $(4,037,200)
=========== ===========
3
<PAGE>
WORLDWATER, INC.
STATEMENTS OF CASH FLOWS
for the years ended December 31, 1996 and 1995
(Audited)
1996 1995
---- ----
Cash Flows from Operating Activities:
Net loss $(1,247,712) $(1,089,297)
Adjustments to reconcile net loss to
net cash used in operating activities:
Depreciation 8,600 3,628
Valuation reserve -- 44,780
Changes in assets and liabilities:
Accounts payable and
accrued expenses 136,782 (7,706)
Accrued interest 201,455 117,447
Inventory (102,998) --
Accrued salaries 55,500 23,000
Accounts receivable 8,310 (8,780)
----------- -----------
Net Cash Used in Operating Activities (940,063) (916,928)
Cash Flows from Investing Activities:
Decrease in deposits 1,200 28,416
Capital expenditures (16,732) (14,437)
Decrease in notes receivable -- 11,072
----------- -----------
Net Cash Provided By Investing Activities (15,532) 25,051
Cash Flows from Financing Activities:
Proceeds from issuance of convertible
notes 466,000 624,432
Payments of notes payable (2,683) (1,840)
Proceeds from issuance of common stock 500,000 273,398
----------- -----------
Net Cash Provided in Financing Activities 963,317 895,990
----------- -----------
Net Increase in Cash 7,722 4,113
Cash at Beginning of Year 5,096 983
----------- -----------
Cash at End of Period $ 12,818 $ 5,096
=========== ===========
4
<PAGE>
WORLDWATER, INC.
BALANCE SHEET
for the quarter ended March 31, 1997
(Unaudited)
ASSETS
Current assets:
Cash $ 2,575
Inventory 245,375
Accounts receivable 470
Prepaid expenses 1,300
-----------
Total current assets 249,720
Property and Equipment, Net 50,120
Deposits 384
-----------
TOTAL ASSETS $ 300,224
===========
LIABILITIES AND STOCKHOLDERS' DEFICIENCY
Current Liabilities:
Accounts payable and accrued expenses $ 378,611
Accrued interest 524,378
Accrued salaries 145,250
Notes payable 152,750
Current maturities of long-term debt -
convertible notes 1,705,500
-----------
Total Current Liabilities 2,906,489
Long-Term Debt - Convertible Notes,
Net of Current Maturities 550,000
-----------
TOTAL LIABILITIES 3,456,489
Stockholders' Deficiency:
Common stock, $.001 par value; issued 9,570
and outstanding 9,569,908 shares at March 31, 1997
Additional paid-in capital 2,496,928
Accumulated deficit (5,662,763)
-----------
Total Stockholders' Deficiency (3,156,264)
-----------
TOTAL LIABILITIES AND
STOCKHOLDERS'DEFICIENCY $ 300,224
===========
5
<PAGE>
WORLDWATER, INC.
STATEMENTS OF OPERATIONS
for the quarter ended March 31, 1997
(Unaudited)
Sales $ 3,880
Cost of Goods Sold 69,332
---------
Gross Profit (Loss) (65,452)
Research and Development Expenses 117,717
Marketing, General and
Administrative Expenses 136,596
---------
Loss from Operations (319,765)
Other Expense:
Interest expense 58,085
---------
Net Loss $(377,851)
=========
6
<PAGE>
WORLDWATER, INC.
STATEMENT OF CASH FLOWS
for the quarter ended March 31, 1997
(Unaudited)
Cash Flows from Operating Activities:
Net loss $(377,851)
Adjustments to reconcile net loss to
net cash used in operating activities:
Depreciation 1,500
Valuation reserve --
Changes in assets and liabilities:
Accounts payable and accrued expenses 637
Accrued interest 51,000
Inventory (142,377)
Accrued salaries --
Accounts receivable --
---------
Net Cash Used in Operating Activities (467,091)
Cash Flows from Investing Activities:
Increase in deposits (1,300)
Capital expenditures (7,117)
Decrease in notes receivable --
---------
Net Cash Provided By Investing Activities (8,417)
Cash Flows from Financing Activities:
Proceeds from issuance of convertible notes (46,500)
Payments of notes payable 11,765
Proceeds from issuance of common stock 500,000
---------
Net Cash Provided in Financing Activities 465,265
---------
Net Decrease in Cash (10,243)
Cash at Beginning of Year 12,818
---------
Cash at End of Period $ 2,575
=========
7
<PAGE>
GOLDEN BEVERAGE COMPANY
AND SUBSIDIARY
BALANCE SHEET(PROFORMA)
December 31, 1996 and 1995
December 31,
ASSETS 1996 1995
----------- -----------
Current assets:
Cash $ 12,818 $ 5,096
Inventory 102,998 --
Accounts receivable 470 8,780
----------- -----------
Total current assets 116,286 13,876
Property and Equipment, Net 44,503 36,371
Deposits 384 1,584
----------- -----------
TOTAL ASSETS $ 161,173 $ 51,831
=========== ===========
LIABILITIES AND STOCKHOLDERS' DEFICIENCY
Current Liabilities:
Accounts payable and accrued expenses $ 377,974 $ 241,192
Accrued interest 473,378 271,923
Accrued salaries 145,250 89,750
Notes payable 140,984 143,667
Current maturities of long-term debt -
convertible notes 1,752,000 986,000
----------- -----------
Total Current Liabilities 2,889,586 1,732,532
Long-Term Debt - Convertible Notes,
Net of Current Maturities 550,000 850,000
----------- -----------
TOTAL LIABILITIES 3,439,586 2,582,532
Stockholders' Deficiency:
Common stock 9,272 9,272
Additional paid-in capital 2,993,209 2,993,209
Accumulated deficit (6,280,894) (5,533,182)
----------- -----------
Total Stockholders' Deficiency (3,278,413) (2,530,701)
----------- -----------
TOTAL LIABILITIES AND
STOCKHOLDERS'DEFICIENCY $ 161,173 $ 51,831
=========== ===========
8
<PAGE>
GOLDEN BEVERAGE COMPANY
AND SUBSIDIARY
STATEMENTS OF OPERATIONS (PROFORMA)
for the years ended December 31, 1996 and 1995
December 31,
1996 1995
----------- -----------
Sales $ 13,988 $ 6,780
Cost of Goods Sold 4,346 9,951
----------- -----------
Gross Profit (Loss) 9,642 (3,171)
Research and Development Expenses 681,974 579,446
Marketing, General and
Administrative Expenses 371,911 341,953
----------- -----------
Loss from Operations (1,044,243) (924,570)
Other Expense:
Interest expense 203,469 164,727
----------- -----------
Net Loss (1,247,712) (1,089,297)
Accumulated Deficit at Beginning of Year (4,037,200) (2,947,903)
----------- -----------
Accumulated Deficit at End of Year $(5,284,912) $(4,037,200)
=========== ===========
9
<PAGE>
GOLDEN BEVERAGE COMPANY
AND SUBSIDIARY
STATEMENTS OF CASH FLOWS(PROFORMA)
for the years ended December 31, 1996 and 1995
1996 1995
---- ----
Cash Flows from Operating Activities:
Net loss $(1,247,712) $(1,089,297)
Adjustments to reconcile net loss to
net cash used in operating activities:
Depreciation 8,600 3,628
Valuation reserve -- 44,780
Changes in assets and liabilities:
Accounts payable and
accrued expenses 136,782 (7,706)
Accrued interest 201,455 117,447
Inventory (102,998) --
Accrued salaries 55,500 23,000
Accounts receivable 8,310 (8,780)
----------- -----------
Net Cash Used in Operating Activities (940,063) (916,928)
Cash Flows from Investing Activities:
Decrease in deposits 1,200 28,416
Capital expenditures (16,732) (14,437)
Decrease in notes receivable -- 11,072
----------- -----------
Net Cash Provided By Investing Activities (15,532) 25,051
Cash Flows from Financing Activities:
Proceeds from issuance of convertible notes 466,000 624,432
Payments of notes payable (2,683) (1,840)
Proceeds from issuance of common stock 500,000 273,398
----------- -----------
Net Cash Provided in Financing Activities 963,317 895,990
----------- -----------
Net Increase in Cash 7,722 4,113
Cash at Beginning of Year 5,096 983
----------- -----------
Cash at End of Period $ 12,818 $ 5,096
=========== ===========
10
<PAGE>
GOLDEN BEVERAGE COMPANY
AND SUBSIDIARY
BALANCE SHEET (PROFORMA)
for the quarter ended March 31, 1997
ASSETS
Current assets:
Cash $ 2,575
Inventory 245,375
Accounts receivable 470
Prepaid expenses 1,300
-----------
Total current assets 249,720
Property and Equipment, Net 50,120
Deposits 384
-----------
TOTAL ASSETS $ 300,224
===========
LIABILITIES AND STOCKHOLDERS' DEFICIENCY
Current Liabilities:
Accounts payable and accrued expenses $ 378,611
Accrued interest 524,378
Accrued salaries 145,250
Notes payable 152,750
Current maturities of long-term debt -
convertible notes 1,705,500
-----------
Total Current Liabilities 2,906,489
Long-Term Debt - Convertible Notes,
Net of Current Maturities 550,000
-----------
TOTAL LIABILITIES 3,456,489
Stockholders' Deficiency:
Common stock 9,272
Additional paid-in capital 2,993,209
Accumulated deficit (6,158,745)
-----------
Total Stockholders' Deficiency (3,156,264)
-----------
TOTAL LIABILITIES AND
STOCKHOLDERS'DEFICIENCY $ 300,224
===========
11
<PAGE>
GOLDEN BEVERAGE COMPANY
AND SUBSIDIARY
STATEMENTS OF OPERATIONS (PROFORMA)
for the quarter ended March 31, 1997
Sales $ 3,880
Cost of Goods Sold 69,332
---------
Gross Profit (Loss) (65,452)
Research and Development Expenses 117,717
Marketing, General and
Administrative Expenses 136,596
---------
Loss from Operations (319,765)
Other Expense:
Interest expense 58,085
---------
Net Loss $(377,851)
=========
12
<PAGE>
GOLDEN BEVERAGE COMPANY
AND SUBSIDIARY
STATEMENT OF CASH FLOWS
for the quarter ended March 31, 1997
Cash Flows from Operating Activities:
Net loss $(377,851)
Adjustments to reconcile net loss to
net cash used in operating activities:
Depreciation 1,500
Valuation reserve --
Changes in assets and liabilities:
Accounts payable and
accrued expenses 637
Accrued interest 51,000
Inventory (142,377)
Accrued salaries --
Accounts receivable --
---------
Net Cash Used in Operating Activities (467,091)
Cash Flows from Investing Activities:
Increase in deposits (1,300)
Capital expenditures (7,117)
Decrease in notes receivable --
---------
Net Cash Provided By Investing Activities (8,417)
Cash Flows from Financing Activities:
Proceeds from issuance of convertible notes (46,500)
Payments of notes payable 11,765
Proceeds from issuance of common stock 500,000
---------
Net Cash Provided in Financing Activities 465,265
---------
Net Decrease in Cash (10,243)
Cash at Beginning of Year 12,818
---------
Cash at End of Period $ 2,575
=========
13
<PAGE>
GOLDEN BEVERAGE COMPANY
AND SUBSIDIARY
NOTES TO FINANCIAL STATEMENTS(PROFORMA)
1. Changes in Control of Registrant/Acquisition or Disposition of Asset:
On April 10, 1997, Golden Beverage Company ("Registrant") filed an original
8-K reporting a reverse acquisition of WorldWater, Inc., a Delaware corporation.
This filing amends the original report by adding the required financial
statements for the acquisition described in Items 1 and 2 of the original 8-K
Report.
2. Consideration:
The cost of acquiring WorldWater, Inc. by Golden Beverage Company was
113,072 shares to existing shareholders of Golden Beverage Company, 1,017,640
shares to consultants and 8,141,128 shares to existing shareholders of
WorldWater, Inc., of the company Common Stock. There were no additional monies
or costs incurred by either company for this transaction.
3. Accounting Treatment:
The Proforma financial statements reflect the consolidated numbers of both
companies using the pooling of interest method of accounting under general
accepted accounting principles.
14
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